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National regulation can tax cross-border capital flows. Supranational regulation may have to be agreed along the lines of Keynes' International Clearing Union (updated for the 21st century) if things get much worse. And self-regulations simply doesn't work.

We have met the enemy, and he is us — Pogo
by Migeru (migeru at eurotrib dot com) on Sat Jan 26th, 2008 at 08:39:40 AM EST
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